One-glance verdict
Overvalued
$15.77 our estimate vs market $40.23
Wall Street consensus: $63.00 (299.4% higher than our fair-value estimate)
155% above our estimate, beyond the bull case
Fundamentals snapshot
Bristow Group Inc.
VTOL · NYQ · Energy · Oil & Gas Equipment & Services
Current price
$40.23
52-week range
$35.65 - $50.38
Market cap
$1.17B
Balance sheet
Stretched
3.60x Stretched
Net debt $742.34M. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
3 Risks
3 rewards · 3 risks
- Reward Revenue grew 8.4% last year.
- Reward Returns 7.6% on equity, ahead of 50% of its peers.
- Risk Stock trades 56.7% above its 5-year average P/E.
- Risk Net debt grew 37.1% over 3 years.
What this company does
Bristow Group Inc.
Bristow Group Inc. provides helicopter and airplane services, primarily flying people and equipment to offshore oil and gas sites, and also offers government services like search and rescue. The money they make mainly comes from these transportation contracts, which is important because it shows how much demand there is for their specialized flight operations.
How the company got here
Bristow Group's story is a tale of two companies merging, with roots stretching back to 1948 for Era Group and 1955 for the original Bristow Helicopters. Both companies carved out niches in helicopter services, particularly for the burgeoning oil and gas industry. The modern Bristow Group was formed in 2020 when Era Group combined with the reorganized legacy Bristow business, following a period of financial difficulty for the latter. This merger created a larger entity with a broader global reach in both offshore energy support and government services. A significant acquisition in 2022, of British International Helicopter Services, further bolstered its capabilities in government-related aviation.
What it actually does
Bristow Group is a global aviation services company that focuses on critical helicopter and fixed-wing operations. Instead of running a typical airline, Bristow provides specialized flight solutions for specific industries and government needs. Think of them as a high-tech taxi service for challenging environments, whether it's flying workers to remote oil rigs or performing life-saving rescue missions. Their services are built around reliability, safety, and the ability to operate in demanding conditions, making them a go-to provider for companies and governments that can't afford any disruptions.
Offshore Energy Services
This is Bristow's foundational business, where they use helicopters to transport people to and from offshore oil and gas platforms and other energy facilities. Imagine flying workers out to a distant oil rig in the middle of the ocean – that's what Bristow does. These flights often require larger helicopters and strict adherence to safety and weather protocols, as the schedules are tightly coordinated with the energy companies' operations. This segment is a major part of Bristow's revenue, highlighting the ongoing need for aviation support in the energy sector.
Government Services
Bristow plays a crucial role in public safety by providing aviation services to government agencies. A key part of this is operating search and rescue (SAR) missions, where their specialized helicopters and highly trained crews are on standby to respond to emergencies at sea or in remote areas. They also offer other aviation support for government functions, emphasizing readiness and operational excellence. These contracts are often long-term and provide a more stable revenue stream compared to the more cyclical nature of the energy sector.
Other Services
This segment encompasses Bristow's diverse range of other aviation-related offerings. It includes fixed-wing transportation services, essentially operating a regional airline in places like Australia. Additionally, Bristow engages in 'dry leasing' of aircraft, which means they rent out their planes and helicopters to other operators who then provide the crew and manage the flight themselves. This segment also includes services like logistical support, maintenance, and training, broadening Bristow's reach beyond its core helicopter operations.
What management is betting on now
Bristow's management is focused on growing its government services, particularly search and rescue operations. They see these contracts as more stable and less tied to the ups and downs of the oil and gas industry. By expanding in this area, Bristow aims to create a more predictable business. They are also investing in modernizing their fleet with newer, more fuel-efficient aircraft, which aligns with a growing emphasis on sustainability and reducing their environmental impact. This strategy aims to balance the cyclical nature of energy services with the steady demand for government aviation support.
Price history
How the share price has moved
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Loading price history…
Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q4
$-32.44M
FY2025 Q1
$-52.66M
FY2025 Q2
$67.42M
FY2025 Q3
$-6.16M
FY2025 Q4
$47.78M
FY2026 Q1
$-49.56M
FY2026 Q2
$-26.29M
FY2026 Q3
$40.32M
Revenue
$437.92M
Net income
$27.73M
Diluted EPS
0.93
Operating cash flow
$61.16M
Free cash flow
$40.32M
Fetching…
Sources
Revenue
$411.75M
Net income
$21.15M
Diluted EPS
0.70
Operating cash flow
$41.08M
Free cash flow
$-26.29M
Fetching…
Sources
Revenue
$388.70M
Net income
$13.11M
Diluted EPS
0.44
Operating cash flow
$-8.25M
Free cash flow
$-49.56M
Fetching…
Sources
Revenue
$377.26M
Net income
$18.42M
Diluted EPS
0.61
Operating cash flow
$76.91M
Free cash flow
$47.78M
Fetching…
Sources
Revenue
$386.29M
Net income
$51.54M
Diluted EPS
1.72
Operating cash flow
$23.06M
Free cash flow
$-6.16M
Fetching…
Sources
Revenue
$376.43M
Net income
$31.75M
Diluted EPS
1.07
Operating cash flow
$99.04M
Free cash flow
$67.42M
Fetching…
Sources
Revenue
$350.53M
Net income
$27.36M
Diluted EPS
0.92
Operating cash flow
$-603.00K
Free cash flow
$-52.66M
Fetching…
Sources
Revenue
$353.53M
Net income
$31.79M
Diluted EPS
1.07
Operating cash flow
$51.05M
Free cash flow
$-32.44M
Fetching…
Sources
Is it cheap or expensive?
Fair value $15.77 vs current price $40.23
Wall Street consensus is the average analyst price target: $63.00 (299.4% higher than our fair-value estimate).
Our most-likely fair value is $15.77 a share — about 60.8% below today's price of $40.23, so the stock currently looks expensive (overvalued).
Is it drowning in debt?
Stretched
Net debt $742.3M. Interest coverage 3.6x.
Net debt
$742.34M
Interest coverage
3.60x
Bristow Group Inc.'s profit covers its interest bill about 3.6 times over. which is stronger than most peers shown here.
Stretched
Worse cushion
Baseline
Better cushion
VTOL
BASELINE
Bristow Group Inc.
Total debt $975.72M Interest coverage 3.60x This is the baseline the peer rows are being compared against.
Total debt $490.11M Interest coverage 2.52x -30% vs VTOL Carries about 1.4x less debt cushion than VTOL.
Total debt $795.59M Interest coverage 8.24x +129% vs VTOL Carries about 2.3x more debt cushion than VTOL.
Total debt $51.74M Interest coverage 18.77x +421% vs VTOL Carries about 5.2x more debt cushion than VTOL.
Total debt $222.48M Interest coverage 3.20x -11% vs VTOL Has roughly the same debt cushion as VTOL.
What you should know
The case for and against VTOL
3 Rewards
3 Risks
Rewards
-
Revenue grew 8.4% last year.
-
Returns 7.6% on equity, ahead of 50% of its peers.
-
Free cash flow was positive in 5/10 years.
Risks
-
Stock trades 56.7% above its 5-year average P/E.
-
Net debt grew 37.1% over 3 years.
-
Insider ownership is only 3.2% (peer median: 5.5%).
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
15.01x
Forward P/E
7.65x
P/B
1.07x
P/S
0.72x
EV/EBITDA
7.71x
PEG ratio
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Profitability
How much profit each dollar creates
Gross margin
27.8%
Operating margin
10.4%
Net margin
5.0%
ROE
7.6%
ROA
4.5%
Health
Liquidity and balance-sheet strength
Debt / equity
0.89x
Current ratio
1.99x
Quick ratio
1.40x
Total debt
$975.72M
Total cash
$233.38M
Growth
How the business has been compounding
Revenue TTM
$1.62B
Revenue 5Y CAGR
6.1%
EPS TTM
2.68
EPS 5Y CAGR
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Cash flow
How much cash the business throws off
Operating CF TTM
$170.90M
Free CF TTM
$56.38M
FCF margin
3.5%
Dividend
Shareholder payout
Yield
1.3%
Payout ratio
14.0%
Last ex-div date
2026-11-13